On November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On 12/31, the appropriate adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to: (Check all that apply.) Cash for $2,030. Interest Receivable for $20. Notes Receivable for $2,000 Interest Revenue for $10. Interest Revenue for $20. Interest Revenue for $30.

Question

Business

Marlie Rocha

26 August, 17:28

On November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On 12/31, the appropriate adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to: (Check all that apply.) Cash for $2,030. Interest Receivable for $20. Notes Receivable for $2,000 Interest Revenue for $10. Interest Revenue for $20. Interest Revenue for $30.

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Answers (1)

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Marie Nash · Answer 1

- Interest Receivable for $20.

- Notes Receivable for $2,000.

- Interest Revenue for $10

Explanation:

Alice Co Adjusting entry

The entry to record receipt of payment on January 30 would include a credit to:

-Interest Receivable for $20.

- Notes Receivable for $2,000.

- Interest Revenue for $10